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Rs 60,000 crore fund to be created for affordable housing in urban areas

A National Urban Housing Fund of Rs 60,000 crore will be created in the next four years for pushing the further creation of affordable homes under the Pradhan Mantri Awas Yojana (PMAY).

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A National Urban Housing Fund of Rs 60,000 crore will be created in the next four years for pushing the further creation of affordable homes under the Pradhan Mantri Awas Yojana (PMAY).

On Tuesday, the union cabinet chaired by the Prime Minister approved the creation of the fund.

This fund will be situated in Building Materials and Technology Promotion Council (BMTPC), an autonomous body registered under the Societies Registration Act, 1860 under the Ministry of Housing and Urban Affairs.

NUHF will facilitate raising requisite funds in the next four years in order to let the financial flow of central assistance under different verticals, like, Beneficiary Linked Construction, Affordable Housing in Partnership, In-Situ Slum Redevelopment and Credit Linked Subsidy Scheme is sustained and construction of houses to address the gap in the urban housing sector.

Under PMAY (Urban) a total of 39.4 lakh homes have been sanctioned. Around 2-3 lakh houses are being sanctioned every month by the government for various states and union territories. 

As per the data shared, over 17 lakh houses have been grounded and about 5 lakh houses have been completed. 

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